Westchester OKs MXD, Hotel and Office Incentives

WHITE PLAINS, NY—The Westchester County Industrial Development Agency granted preliminary approval for mortgage and sales tax exemptions for a new hotel in Yonkers, a mixed-use development in Dobbs Ferry and a renovation of a White Plains office building.

Westchester County Executive Robert P. Astorino reports that the three projects will create $83 million in private investment and approximately 1,665 jobs (725 construction jobs and 940 new permanent positions).

“These businesses have said 'yes' to Westchester and chose to invest here because we are committed to creating an environment that allows them to thrive and succeed,” says Astorino. “Job creation is how we move Westchester forward.”

The Rivertowns Square commercial mixed-used complex, proposed by Saber Dobbs Ferry, LLC, is a $52-million project, which will receive $1,609,402 million in tax incentives through the IDA ($1,062,180 in sales tax exemption, $547,222 in mortgage recording tax exemption). The project will create 660 full and part-time jobs and 475 construction jobs.

“This $52-million project promises to provide a diverse retail alternative and create good-paying jobs for the Dobbs Ferry community and the county,” says Martin Berger, principal of Saber Dobbs Ferry, LLC. “It would not have been economically viable without the help of the IDA.”

Berger relates that the project in fact will cost approximately $130 million to develop. Saber will build the retail and also undertake infrastructure work. The residential component of the project, which will feature 202 rental units, (including 10 affordable housing units) is under contract to be sold to Lincoln Properties of Boston. The hotel component of Rivertowns Square, which will feature a 123-room Hilton Garden Inn, will be sold as a condominium to a developer, Berger says.

The retail component to be developed by Saber will include a specialty cinema, a Mrs. Green's natural grocery market, an Ulta Cosmetics store, a Chipotle Mexican Grill restaurant, a Chop't Creative Salads and The Learning Experience, a child care facility. Seventy-five percent of the commercial space is pre-leased. Construction is expected to begin in October and take 18 months to 24 months to complete. Berger says that at present his firm has a signed lease with Sundance to operate the theater, although he adds that the firm is evaluating its alternatives in connection with the specialty cinema operation.

The IDA also approved incentives for the 163-room Tuckahoe Marriott Springhill Suites being developed by Eastchester, NY-based Bilwin Development Affiliates, LLC. The $25-million project received $1.4 million in tax incentives through the IDA ($1.2 million in sales tax exemption, $200,000 in mortgage recording tax exemption). The project will create 80 permanent jobs (30 hotel and 50 restaurant) and 200 construction jobs.

The 91,000 square-foot building will be located on 3.5 acres of land at 109-125 Marbledale Road in Tuckahoe. The facility will include 1,000 square-feet of meeting space, a restaurant, an indoor pool, an indoor whirlpool, an exercise room, a business center, a gift shop and guest laundry room. The project will utilize “green building” technologies, including solar photovoltaic, geothermal heating and cooling, foam insulation, a green roof, rainwater retention and reuse and LED lighting. Construction will begin in November and the project is expected to take about one year.

In addition, the IDA approved $329,250 in tax incentives for the $6-million renovation of 101 East Post Road in White Plains. The 50,000-square-foot property that at one time served as the federal courthouse, is to undergo a significant upgrade by its owner Post Road Associates, LLC. The project will create approximately 200 permanent jobs and 50 construction jobs. Work on the venture is expected to begin this fall with completion slated for the spring of 2015.

“This $6-million renovation project will breathe new life into this building and commercial district,” says Paul Guillaro, president and CEO of Unicorn Contracting and general partner of Post Road Associates, LLC.